Marret Asset Management Inc. focuses on fixed-income investing and alternative strategies on behalf of institutional, high net worth and retail clients. Marret Asset Management Inc., is a majority-owned subsidiary of CI Financial Corp. (TSX: CIX; NYSE: CIXX) and an affiliate of CI Global Asset Management. CI Global Asset Management is a registered business name of CI Investments Inc., a wholly-owned subsidiary of CI Financial Corp.


Marret’s investment philosophy is a blend of top-down and bottom-up strategies. Marret begins with a macro forecast and selection of industry overweights and underweights, then moves into company and individual security selection.

BOTTOM-UP STRATEGY


After identifying attractive sectors, this strategy is utilized to identify securities within these industry groups and isolate positive opportunities. The company fundamentals are reviewed to assess their ability to generate cash to meet interest and principal obligations. These fundamentals include:

  • Industry position
  • Operating leverage
  • Management strength/experience
  • Historical earnings and future projections (via stress test)
  • Company’s liquidity profile
  • Company ratios and accounting practices, and
  • Stock price as a leading indicator of changing credit fundamentals.
Alt Text Goes Here

KEY ELEMENTS OF THE PORTFOLIO STRUCTURE

  • Diversify industry exposure
  • Limit exposure
  • Invest across a broad spectrum of maturities
  • Identify special situations that reduce risk yet offer acceptable returns
  • Avoid interest rate speculation
  • Select issues with a good call protection and security backing
  • Minimize default risk through ongoing analysis based on industry and company fundamentals
  • Assess each security’s liquidity characteristics and diversify between levels.
Alt Text Goes Here

Marret invests in high-yield, and investment-grade, corporate and government debt assets.

 

OUR TEAM

Adrian Prenc, CFA

Adrian Prenc, CFA

CIO, Portfolio Manager & Chief Risk Officer

Prior to joining Marret in July 2002, Adrian spent three years with Altamira Investment Services, initially as an Investment Specialist, and more recently as a Research Analyst specializing in corporate debt and high yield. With over 20 years of investment experience, Adrian has been instrumental in developing Marret’s investment and risk management tools and is involved in all aspects of the portfolio management process. Adrian holds a Bachelor of Commerce degree from the University of Toronto, is a CFA Charterholder, and has received numerous awards for academic distinction. He has also received his Financial Risk Manager certification.

View Bio

Adam Tuer, CFA, PhD

Adam Tuer, CFA, PhD

Portfolio Manager & Head of Research

Adam joined Marret in January 2013, initially doing research on a consulting basis for the company on Central Bank liquidity and the impact of monetary policy. He joined Marret on a full-time basis in April 2013 as a Research Analyst. Prior to joining Marret, Adam developed optimal hedging strategies on derivatives for CIBC. Adam has a PhD in Physics from the University of Toronto and an HBSc (high distinction) in Physics with a Minor in Mathematics and Chemistry.

View Bio

MARRET INSIGHTS

 

The thought leaders and portfolio managers of Marret offer insights into the trends, events, policies and politics that are creating investment risks—and opportunities—around the world.

Fund Commentaries

Fund Commentaries

ALL FUND COMMENTARIES

Podcasts

Podcasts

ALL PODCASTS